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Careem Pay

“Can Careem Pay become the default digital financial services layer for the MENA super-app economy by combining a UAE-licensed wallet, P2P transfers, and international remittances within a daily-use consumer platform?”

Founded2012
HQDubai, United Arab Emirates
Total raised$773.4M
Latest roundAcquired by e& (Emirates Telecom Group), April 2023
Valuation$3.1B (Uber acquisition, 2019)
IndustryFintech / SMB banking
The story

Careem was founded in 2012 as a ride-hailing platform for the Middle East and was acquired by Uber in 2019. Beginning in 2022, Careem pivoted toward becoming an 'Everything App' for the MENA region, launching Careem Pay as a licensed digital wallet and P2P payment service embedded within its super-app. In April 2023, e& (Emirates Telecom Group) acquired the super-app division, separating it from the Uber-owned ride-hailing assets. Careem Pay has since scaled into international remittances, leveraging Adyen as its core payments infrastructure partner.

Last 12 months
2026-04
Product timeline
2012
Careem founded in Dubai as a ride-hailing platform for the MENA region.· pivot
2019
Uber Technologies acquired Careem for $3.1 billion in cash and convertible notes.· acquisition
2022
Careem launched Careem Pay digital wallet with P2P transfers in partnership with First Abu Dhabi Bank (FAB) and Magnati, authorized by the Central Bank of the UAE.· banking
2023
e& (Emirates Telecom Group) acquired majority stake in Careem's super-app business from Uber.· acquisition
2026
Adyen expanded its 8-year partnership with Careem Pay to power digital remittances from the UAE to 35+ countries across Europe, MENA, and South Asia.· banking
Regulated entities
1
regulatory licence held by Careem Pay
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in Careem Pay’s embedded-finance stack
Payments / PSP
AdyenCheckout.com
Banking / BaaS
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Accounting gap: minor
3 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.